SHANGHAI, Sept. 20 (SMM) – On Monday’s night trading, SHFE 1611 lead started higher at RMB 14,250/mt and then rose to RMB 14,495/mt before stabilizing at RMB 14,450/mt. The contract finally ended at RMB 14,450/mt.
On Tuesday, SHFE 1611 lead opened at RMB 14,430/mt and then stabilized at around RMB 14,450/mt. The contract closed at RMB 14,475/mt, up RMB 255/mt or 1.79%. Trading volumes rose 6,164 to 12,976 lots and positions increased 3,368 to 18,718.
Position opening by longs pushed up SHFE lead prices and cargo holders also offer prices firmly in China’s spot market. SHFE 1611 lead should hold firm in the short term.